Soy Red into Day Session

Soy futures are down out of the weekend, with July beans having seen a 19c drop to the overnight low. Current prices have firmed some, but the front month bean futures are still double digits weaker. Soybean futures were 0.9% to 1.5% higher on Friday with double digit gains across the front months. The July contract ended the week at a net 30c gain but still 82 cents in the red for the month. Preliminary open interest showed net new buying in beans, up 3,712 contracts for the day. Soymeal futures were 1% to 1.3% higher into the 3-day break. July meal was still a net $6.90/ton lower for the week’s move. Soybean oil futures closed Friday 0.6% to 0.9% in the black, which left July 155 points higher for the week. 

The weekly Commitment of Traders report had soybean specs exiting longs and adding shorts through the week that ended 5/23. That dropped their net long position 19.8k to only 4,147 contracts. The commercial soybean hedgers were adding long hedges to reduce their net short to 79.3k contracts. The managed money meal traders were shown at a 73,789 contract net long, down 6.5k contracts wk/wk. Managed money firms were adding soy oil positions through the week, for a net 500 contract stronger net short of 36,877 contracts. 

Chinese soybean futures at Dalian were lower on Monday while the US markets were closed. The Dalian No2 Soybean Prices saw a net 3 yuan loss to 4,020 yuan/MT. Malaysian palm oil futures also traded sharply lower through 5/29 and 5/30. 

Jul 23 Soybeans  closed at $13.37 1/4, up 13 1/4 cents, currently down 12 1/4 cents

Nearby Cash   was $13.16 5/8, up 12 1/2 cents,

Aug 23 Soybeans  closed at $12.61, up 11 1/4 cents, currently down 14 1/4 cents

Nov 23 Soybeans  closed at $11.89 1/2, up 17 1/4 cents, currently down 12 3/4 cents